The SBA still has potential set-aside funding available for eligible establishments with 2019 annual revenue of not more than $50,000
Eligible establishments that meet this revenue standard of not more than $50,000 are encouraged to apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal
UPDATE: The SBA announced that the Restaurant Revitalization Fund will be open on May 3rd! You can apply through the online SBA portal, Participating POS provider ( Square, Toasts, Clover, NCR Corporation (Aloha).
Registration for the SBA application portal will begin on Friday, April 20, 2021 at 9am ET. You can create an account by clicking here.
If you would like to receive updates about the Restaurant Revitalization Fund, please fill out this form.
What is the Restaurant Revitalization Fund?
The Restaurant Revitalization Fund (RRF) provides direct grant support for restaurants hit hardest by the pandemic. The grant amounts are up to $10M per restaurant group or $5M per individual restaurant.
The Small Business Administration (SBA) is administering a total of $28.6 billion in RRF dollars to date.
When will applications be opened?
Applications are currently not live – the SBA is still developing the application along with program guidance.
In the meantime, there are specific steps a restaurant can take to prepare for when the application opens
Small business owners can follow this link to sign up to receive updates about the RRF & when Technical Assistance will begin.
Follow the link for FAQs from the National Restaurant Association.
What if I already received PPP financing?
The program assumes that many RRF applicants will have already received a PPP loan
If you are a PPP recipient and are approved for a RRF, you will need to subtract your PPP amount in your RRF grant calculation.
Who is eligible for the RRF?
All food service or drinking establishments, including:
Food stands, food trucks, food cars
bars, saloons, lounges, taverns
Snack and nonalcoholic beverage bars
Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
Wineries and distilleries(onsite sales to the public comprise at least 33% of gross receipts)
Inns (onsite sales to the public comprise at least 33% of gross receipts)
Licensed facilities or premises of beverage alcohol producers where the public may taste, sample, or purchase products
What is the time period for expenses?
Incurred eligible expenses between 2/15/20 and 12/31/21
You are not eligible if:
you are part of an affiliated group with more than 20 locations, regardless of whether those locations do business under the same or multiple names
you are publicly traded
you have a pending application under the Save Our Stages program
you are a business operated by state or local government
Do certain applicants get priority?
The first 21 days of this grant program will prioritize veteran-, women-,socially and economically disadvantaged -owned businesses
$5 billion is set aside for applicants with 2019 gross receipts of not more than $500,000
An additional $4 billion is set aside for applicants with 2019 gross receipts from %500,001 to $1,500,000
An additional $500 million is set aside for applicants with 2019 gross receipts of not more than $50,000
How do I calculate my RRF amount?
There are varying calculations depended on when your restaurant opened
For restaurants that opened pre-2019:
Take your 2019 gross revenue minus 2020 gross revenue, and subtract the total amount of the PPP loans (First and/or Second Draws) you received
For restaurants that opened in 2019:
Calculate the average of your 2019 monthly gross revenues, and multiply that average by 12
Then subtract your 2020 revenues from that total, and then subtract the total amount of your PPP loans
For restaurants that opened in 2020 or after:
Amount spent on eligible expenses between 2/15/2020 and 3/11/2021 minus PPP loan amounts
For those entities who began operations partially through 2019, you may elect (at your own discretion) to use either calculation 2 or calculation 3
** All of these calculations are open to further clarification by the SBA. Businesses should keep up-to-date as the SBA releases guidance to ensure their grant calculation is correct
What expenses are eligible?
Business payroll costs (including sick leave)
Payments on any business mortgage obligation
Business rent payments (note: this does not include prepayment of rent)
Business debt service (both principal and interest;( note: this does not include any prepayment of principal or interest)
Business utility payments
Business maintenance expenses
Construction of outdoor seating
Business supplies (including protective equipment and cleaning materials)
Business food and beverage expenses (including raw materials)
Covered supplier costs
Business operating expenses
What is the covered period for these expenses?
Grants can be spent on eligible expenses from 2/15/20 through 12/31/21.
Do I have to agree to anything?
Recipients must certify that current conditions make the grant request necessary; that the funds will be used to retain workers, maintain payroll, and cover other eligible expenses; and that the recipient is only applying for and would only receive one grant
What if I can’t use my full fund on eligible expenses?